VANCOUVER, Jan. 18, 2012 /CNW/ - Freegold Ventures Limited (TSX: FVL,
Frankfurt: FR4N) ("Freegold") is pleased to report the results of from its ongoing drill program on
the Golden Summit Project located near Fairbanks, Alaska. Drilling has
recommenced on the project with two rigs. One rig will be focused on
the Cleary Hill/Dolphin area with the other dedicated to exploring the
bulk tonnage potential of the Christina area which lies 3.3 km to the
east.

Initial drilling in the Phase 2 program was aimed at evaluating the bulk
tonnage potential at the Cleary Hill area with a goal of tying the
Cleary Hill Zone into the existing Dolphin Resource in the next
resource update.

The Phase two program commenced in September focusing on the Cleary Hill
area which is located approximately 600 meters northeast of the Dolphin
Deposit on which a resource estimate was completed in December 2011.
The current resource at Dolphin using a 0.35 g/t cutoff is 14,840,000
tonnes @ 0.66 g/t Au - representing 316,000 ounces in the indicated
category and 50,460,000 tonnes @ 0.61 g/t Au - representing 991,000
ounces in the inferred category.

Additional drilling will also be carried out on the Dolphin Zone during
the current program as there remains considerable expansion potential
in the immediate area both along strike and to depth.

Significant new results from the Phase 2 drilling in the Cleary Hill
Area are reported below.

Hole Number

Depth of Hole

From (ft)

To (ft)

Interval (ft)

Interval (m)

Au g/t

GSDC 11-56

654

256.5

325

68.5

20.88

0.59

359

463

104

31.7

0.43

GSDC 11-57

660

140

308

168

51.21

0.35

597

660

63

19.2

0.27

GSDC 11-58

783

303

417.5

114.5

34.9

0.21

GSDC 11-59

903

532

601.5

69.5

21.18

1.17

532

876

344

104.85

0.56

incl

532

807

275

83.82

0.65

GSDC 11-60

788

84

150

66

20.12

0.35

370

443

73

22.25

0.4

GSDC 11-61

578

232

328

96

29.26

0.28

GSDC 11-62

652

3

177

174

53.04

0.28

295

361.5

66.5

20.27

0.49

408.5

509

100.5

30.63

1.8

589

647

58

17.68

0.46

GSDC 11-63

406

42

75.5

33.5

10.21

0.39

236

406

170

51.82

0.42

GSDC 11-64

437.5

0

415

415

126.49

0.2

GSDC 11-65

975

461

531

70

21.34

0.4

559.5

684

124.5

37.95

0.29

GSDC 11-66

803

0

751

751

228.9

0.38

40.5

164

125.5

38.25

0.47

303

335

32

9.75

2.55

GSDC 11-67

689

283

388

105

32

0.43

459

576

117

35.66

0.45

GSDC 11-68

761

148.5

194

45.5

13.87

0.93

455

620.5

165

50.29

0.6

GSDC 11-69

837

553

658

105

32

0.29

GSDC 11-70

243

181.5

243

61.5

18.75

0.74

GSDC 11-71

720

286.5

531

245

74.68

0.72

GSDC 11-72

268.5

108

159.5

51.5

15.7

0.93

GSDC 11-73

351

128

223

95

28.96

0.45

GSDC 11-74

868

120

390

270

82.3

0.43

Width refers to drill hole intercepts, true widths have not been
determined.

Drilling to date has identified bulk tonnage style mineralization over a
700 metre strike length in the Cleary Hill area. The Dolphin resource
covers a comparable area with similar grades. The planned program is
designed to infill the 400 metre area between the Cleary Hilll and
Dolphin areas resulting in a potential resource strike length of 2,000
metres.

The Qualified Person, as defined by NI 43-101, who has reviewed the
technical disclosure contained in this release is Curtis J. Freeman,
M.Sc., PGeo who is the primary geological consultant for the project.
Drill cores were cut in half using a diamond saw, with one-half placed
in sealed bags. Core samples were picked up on-site by ALS-Chemex Labs
and transported to their facility in Fairbanks, Alaska. A sample
quality control/quality assurance program was implemented.

About Freegold Ventures Limited

Freegold is a TSX listed company focused on the exploration of gold
projects in Alaska. In addition to the Golden Summit Gold Project, the
company holds a 100% in lease interest in the Rob Gold Project near the
Pogo Gold Mine in the Goodpaster Mining District of Alaska and has an
exploration agreement with option to lease the Vinasale Gold project in
central Alaska.

Some statements in this news release contain forward-looking
information, including without limitation statements as to planned
expenditures and exploration programs. These statements address future
events and conditions and, as such, involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements to be materially different from any future
results, performance or achievements expressed or implied by the
statements. Such factors include without limitation the completion of
planned expenditures, the ability to complete exploration programs on
schedule and the success of exploration programs